Montana Election of 'S' Corporation Status and Instructions - IRS 2553
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How to fill out Election Of 'S' Corporation Status And Instructions - IRS 2553?
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Step 1: Name Your Montana LLC. ... Step 2: Choose a Registered Agent. ... Step 3: File the Montana LLC Articles of Organization. ... Step 4: Create an Operating Agreement. ... Step 5: File Form 2553 to Elect Montana S Corp Tax Designation.
IRS Form 2553 (Election by a Small Business Corporation) is the form that a corporation (or other entity eligible to be treated as a corporation) files to be treated as an S corporation for federal tax purposes. Must have no more than 100 shareholders (or LLC members).
How long does the process take? Typically, you will get a verdict on your form 2553 application within 60 days of submitting it to the IRS. If you have not heard back in that timeframe, reach out to the IRS directly. You can call the IRS at (800) 829-4933 to check the status of your application.
After filing Form 2553, the IRS will send either an acceptance or denial letter to the business within 60 days of filing. If the election is accepted, the letter will show the effective date. If you don't receive a letter within 60 days of filing Form 2553, then you should contact the IRS at 1-800-829-4933.
The purpose of Form 2553 is to allow certain small businesses to choose to be taxed as an S corporation. This is often called making an S-election. The small businesses that can choose S corporation status include: Limited liability companies (LLC)
Form 2553 electing special tax status must be filed with the IRS. A Massachusetts S corporation is considered, by law, to be an individual entity separate from its owners (shareholders). There can be some limitations as to the kind of business Massachusetts S corporations are allowed to conduct.
Prepare and File an S Corporation Tax Election with Form 2553. If you want to reduce the amount of tax you pay on your LLC earnings, an S Corporation Tax Election (form 2553) is a necessity.
To form a Wisconsin S corp, you'll need to ensure your company has a Wisconsin formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.